In the letter, Rivalry states that it expects to build the most ‘engaging’ brand and portfolio of IP in sports betting and leverage technology to innovate its products at every turn to create a unique betting experience for customers.
Furthermore, the company expects several factors and initiatives to push significant growth in 2023, telling its shareholders it will expand its esports offering with new titles; launch a new mobile app in regulated markets; expand into new territories geographically; continue to grow its investor base through ‘proactive capital markets outreach.’
Salz added: “I’m extremely proud of the differentiated approach Rivalry has taken from day one and what it has enabled us to achieve, creating a truly distinct product and brand that is driving operating leverage and bearing fruit across the business.
“As we move into 2023, we’re eager to continue demonstrating the same operational excellence which has enabled us to stand out in a deeply competitive industry.”
Meanwhile, the sports betting business also highlighted its 2022 achievements, saying it delivered triple-digit year-over-year growth in both revenue and betting handle, with average month-over-month revenue growth accelerating to 32% through the first 10 months of the year.
In its last Q3 revenue report, Rivalry saw a 93% rise in revenue – totalling CA$7.1m (US$5.2m) against Q3 2021’s CA$3.7m.
The third quarter results were driven by strong esports and casino performances.